Silvio Berlusconi is ready to sell 30 per cent of AC Milan to Qatar's ruling Al-Thani family, the Gazzetta dello Sport newspaper reported on Friday.
'Milan of Arabia' read the headline of the sports daily with a photo of Berlusconi wearing a red and white chequered headdress.
The former Italy prime minister has owned AC Milan for the last 26 years but is willing to sell a third of the club for 250 million euros ($316.41 million), the newspaper claims.
If the sale was to go ahead, it would be the latest foray into international sport for the Qataris, who recently bought out French Ligue 1 outfit Paris Saint-Germain.
Milan chiefs have reiterated that the club is not for sale, despite rumours of a takeover by Singapore businessman Peter Lim.